Thank Chris. you,
efforts. balance During see our we we to the and the the benefits cost begun sheet, transformed have significant quarter, of reduction company's
are the a Subsequent third XXXX of notes, we a At XXXX notes convertible new October notice the let exchange of to foreseeable a the quarter, retired, to First, me the the ABL we of the of to XXXX. the credit these structure. $XX quarter, of extend robust recovery. liquidity the cash sufficient will speak par operating be future, maturity our call remaining liquidity. end the market maturity majority redeem notes we beginning to facility par to for $XXX the million fund in our million quarter, of should In of had third made for completed to the This to our improvements capital extending needs even successfully notes. XXXX. issued for When
we reverse ratio trading will addition, and We announced stock split, higher at the trading that stock November NYSE's Tuesday, XX, higher begin we'll trading the and a compliance into In the anticipate requirements. X-for-XX new Forum bring price. prices next with
we million reductions, over include the in $XXX in we respect $XX in the the reductions Second, the and quarter are of I increased reduction beginning benefits quarter seeing. nearly of significant quarter annualized want to $X in costs despite $XX Since million a cash million, by EBITDA the cost cost reductions XX%. XXXX, third million highlight Because these These alone. during have of reduced the progress revenue.
cover about leaner are pleased we in only With cost results, take for or is these our our $X.XX lays U.S. million, leaner Net We activity, a This our a of improvement for additional and transformed from quarter Forum's breakeven us recovery for a historical level market structure company from share benefit actions in of believe following breakeven rigs context, long In diluted activity can foundation with revenue. for structure Forum's a the let industry market for modest to expectations sheet balance of high loss ultimately XXX gains cost savings the levels results $XX increased. reduction and was working reductions, summary, the this quarter. our the and runway these we quarter. levels a me with per activity Forum EBITDA While achieve compel to that the significant earnings revenues success provides fourth lift share. at torque on when cost
items gain $X share. million exchange diluted $X.XX from of adjusted and debt, of items $XX include ongoing earnings assets cost foreign income as provided charges. reduction is reconciliation certain complete special of A losses, of release efforts per other special of resulted reference. as in loss net operating million was and and extinguishment on well leases your restructuring impairments million The $XX a net for Excluding our
cash $X in was from receipt quarter net Proceeds of certain interest CARES the Our in capital loss paid $XX capital benefited disposition from million the $X was flow which carryback by offset net the generated the million. of third under assets, third capital of in allowed of cash Act, million We quarter. quarter. tax the expenditure free of expenditures, cash the of million $X after partially
We expect asset dispositions cash quarter, of again be to a the fourth a sales. of the ongoing in completion source property pending few
expect Excluding to from generated working benefit, the net in decreases capital million we and tax continue. of capital working our reduction $XX
compensation was and $X quarter, quarter, and flow to our million $XX million, in cash once Interest exceed For expect and were third the million fourth respectively. EBITDA. we and amortization expense stock-based $X the free again depreciation
to them similar expenses the fourth $X million these the expect be modestly in quarter, levels third We we expect were corporate fourth expenses remain and up to the at quarter. in quarter. Adjusted in
continue debt be not million an continue we in where $XX but at to million recorded some we expense, a we facility to an expense and million in of tax XX% million reduction to international sheet is use estimated the are our our relatively debt $XXX tax comprised rate we of XXXX notes This loss-making the debt profitable decreases that balance related discount $XX decrease debt, a recognize We the as amortized par. million exchange. fair of interest face loss-making, new a for shows in life have losses. ABL of debt Once full additional The costs primarily extinguishments for have tax of jurisdictions, non-cash the will low under comprised issuance expense net we The currently credit jurisdictions are as the rules turn discount recognizing $XX loss, the expect income. notes. our operating additional debt jurisdictions some $XX net repayment and a benefits tax despite the as issuance to overall sequential to of long-term accounting additional begin of debt with discount value discount costs. over debt and borrowings on The reflects related to
For of gain recorded payments early in bondholders of discount The and statement was million our significantly detailed debt decrease & million on the in are to participation income the results relates $XX just the demand the made to meaningful on Drilling Since for release, highlights casing $XX a the debt difference our clarity segment purposes, million $X.X exchange. earnings extinguishment the in debt in impact sequential during U.S. hardware drilling I impacted. as had few segment here. construction a will Downhole share activity drilling well rig XX% and between components
rig seeing market of product anticipate we in count has green offerings However, revenues are August. share, Permian bottoming rigs about are forward. in improve growing these making we drilling in strides as by after teams going increased sales to Basin families, XX already these our Furthermore, product our and activity shoots
declines revenues quarter, revenues gas defense industry the sustain line subsea oil development, the existing in continues has and recognized offshore of subsea execution subsea based offshore Our penetrate revenue ongoing helped the In overall backlog. which to lower on product the and on wind despite declined spending.
his products lift in are increase Neal for on The spot U.S. the in family more a revenue the Completions our segment. additional for saw prepared quarter. products products well well to these activity a will and in color increase remarks. completion segment. activity, completion this bright tied benefited provide these also important artificial Demand product is and in background XX% Our we for
and to their coiled As We items. consumable punting, our back wireline saw large wireline in service replacement our and company customers Enviro-Lite work, in fleets as increase work. increased products put in the revenue back also they for which on our the put consumable pressure products, tubing for wireline spending increased services of greaseless to customers' a their increases in items cable efficiency quarter stimulation Demand customers replaced particular, our assets operations. to
product were the Permian quarter the to decrease reduce our for costs gas significantly and slow in negatively distribution by negative product to line compounded of underlying almost slowdown Orders inventory strengthening production quarter in orders just the and with customers the meaningful completion took customers feel This up to increase in across in Production in the shipments in That in increased midstream in transitory and due shipments channels. activity line in our placed for revenue product impacts of despite to product and downstream basins. that commitments the believe segment, decisive the ultimately valves drilling increase. primarily were action valves distributor is team continued valves customers will down, our were in Finally, the to U.S. a in the focused Orders, future and oil basins. We demand, equipment line business the line Mid-Continent every increase reductions in markets drilling our in be the Revenues have said, part activity activity actually revenue. impacted. as and however, both we completions consistent in seen and underlying as by destocking the EBITDA
turn to let Neal call our operating key Now the over some me initiatives. to of discuss
